Bill Text: MI HB6423 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Transportation: funds; public notice of resolution by city or village to borrow money in anticipation of future payments from highway fund; require as provided in the local government public notice act. Amends sec. 2 of 1952 PA 175 (MCL 247.702).
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2020-11-18 - Bill Electronically Reproduced 11/18/2020 [HB6423 Detail]
Download: Michigan-2019-HB6423-Introduced.html
HOUSE BILL NO. 6423
November 12, 2020, Introduced by Reps. Steven
Johnson, Meerman and Coleman and referred to the Committee on Government
Operations.
A bill to amend 1952 PA 175, entitled
"An act to authorize incorporated cities and villages to borrow money and issue bonds in anticipation of future payments from the motor vehicle highway fund, for any purpose or purposes for which said funds may be used and for the purpose of refunding such bonds; authorizing the pledging of the faith and credit of the issuing city or village, upon proper resolution of its governing body, as additional security for the payment of said bonds; and to prescribe procedures and conditions relative to the issuance of such bonds,"
by amending section 2 (MCL 247.702).
the people of the state of michigan enact:
Sec. 2. When the governing body of any an incorporated city or village shall determine to borrow borrows money under the provisions of this act, they it shall do so by resolution approved by a 2/3 majority of the members-elect. of said governing body so declare, which Before January 1, 2022, the resolution shall must be published once in a daily or weekly newspaper of general circulation in said the incorporated city or village before the same resolution becomes effective. , and such Beginning January 1, 2022, notice of the resolution must be posted as provided in the local government public notice act. The resolution shall must briefly describe the contemplated project or projects, the estimated cost thereof, of the project or projects, and the amount, maximum rate of interest, and maturity dates of the bonds to be issued and the form thereof, and such of the bonds. The resolution shall must also contain an irrevocable appropriation providing for the payment of the principal and interest thereof on the bonds from the moneys to be derived money received from state collected taxes returned to such the city or village for highway purposes pursuant to law, which have if that money has not previously been theretofore specially allocated and pledged for the payment of indebtedness.
Enacting section 1. This amendatory act does not take effect unless Senate Bill No.____ or House Bill No. 6440(request no. 02449'19) of the 100th Legislature is enacted into law.
